Regulators to investigate Barclays boss

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will investigate the conduct of Jes Staley, chief executive of Barclays, following him “mistakenly” trying to identify a whistleblower.

LinkedIn Twitter
LinkedIn Twitter

Staley tried to identify the author of a letter that was received and treated by Barclays as a whistleblow in 2016.


The board was made aware of this earlier this year and immediately notified the regulators and instructed an external law firm, Simmons & Simmons, to investigate the matter.


In total, two anonymous letters were received by the bank in 2016 and treated as whistleblows. They were then investigated by Barclays’ compliance function.


Having been given a copy of the first letter and made aware of the second, Staley initially requested the group information security (GIS) team attempt to identify the authors of the letters.


Staley considered the letters were an unfair personal attack on a senior employee and was informed it wasn’t appropriate to identify the authors, so no further action was taken.


Staley later enquired if the whistleblowing issue had been cleared and tried to identify the author of the first letter himself.


He requested the GIS identify the author, following which GIS contacted and received assistance from a US law enforcement agency.


Staley was subsequently informed of this but no author was identified.


The investigation into the chief exec’s activity by Simmons & Simmons found that “Staley honestly, but mistakenly, believed that it was permissible to identify the author of the letter.”


Barclays said it will issue a reprimand to Staley and significantly adjust his bonus, following the outcome of the regulators’ investigation.


The board is also commissioning independent reviews of Barclays’ whistleblowing programme and will continue to review the position of other employees involved in this matter.


Staley said: "I have apologised to the Barclays board, and accepted its conclusion that my personal actions in this matter were errors on my part. I will also accept whatever sanction it deems appropriate.”


John McFarlane, chairman of Barclays, said the board has unanimous confidence in Staley and will support his re-appointment at Barclays Annual General Meeting on 10 May 2017.

LinkedIn Twitter

Precise Mortgages’ parent announces flotation

Precise Mortgages has today (September 29) floated on the London Stock Exchange

Older consumers face financial exclusion

Older consumers are at risk of being financially excluded, according to a recent occasional paper published by the Financial Conduct Authority (FCA)

FCA warns of enforcement action over complaints policies

The Financial Conduct Authority (FCA) has warned enforcement action will be taken against consumer credit firms who are seriously failing to comply with its complaints policy

The CS Interview

Renaissance man
LinkedIn Twitter

Renaissance man


Engineering a self-service solution in car finance
LinkedIn Twitter

Engineering a self-service solution in car finance


"It’s up to the financial services industry to help teach students the necessary skills to manage their finances"
LinkedIn Twitter

"It’s up to the financial services industry to help teach students the necessary skills to manage their finances"


Lloyds results reveal £2bn of debt in forbearance
LinkedIn Twitter

Lloyds results reveal £2bn of debt in forbearance

Upcoming events

TRI Conference: Special Situations & Turnaround

TRI Awards 2017

Mortgage Conference 2017

F5 Conference 2017

Credit Strategy

Did you find our website useful?

Thank you for your input

Thank you for your feedback – an online news and information service for the UK’s commercial and consumer credit industry. is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group